Altcoins have been dominated by bearish trends over the previous week.
The total global cryptocurrency market cap stands at $2.33 trillion, reflecting a 2.41% decline in the past 24 hours.
The altcoin market is currently facing a prolonged downturn, posing challenges for investors. Various factors have contributed to the complex environment affecting these assets, including the influx and oversupply of new coins, leading to a significant market decline.
Crypto analyst Pentoshi highlights that approximately $200 million per day is necessary to stabilize the prices of these newly introduced coins. This imbalance between supply and demand has resulted in a sharp drop in altcoin prices, as the market struggles to absorb the influx of upcoming assets.
Analyzing Select Altcoins:
Bitcoin, as the largest asset by market cap, may influence the momentum of other coins. Currently trading at $65,181, BTC has experienced a 0.93% decline. Bitcoin has been facing challenges in surpassing the $65K threshold over the past week, with potential resistance seen at $66,245 and initial support at $64,235.
Ethereum is trading at $3,405, down by 3.42%. The nearest resistance level is at $3,580, while support is at $3,389. Ethereum has witnessed a one-week decline of 3.39%.
Doge is priced at $0.1205, showing a 10.24% decrease. It has experienced a 14.72% decline over the past week and a one-month decrease of 20.82%. Resistance and support levels are anticipated at $0.1379 and $0.1100, respectively.
Cardano is currently valued at $0.375, down by 7.31% in the last 24 hours and experiencing a weekly decline of 12.71%. The nearest resistance level is at $0.410, with support at $0.267.
Shiba Inu’s price stands at $0.00001782, reflecting a 10.60% decrease in the past 24 hours and a notable 19.33% decline over the week. Key resistance and support levels are projected at $0.00001999 and $0.00001620, respectively.
Uniswap is trading at $9.65, showing an 11.31% decline in a day but an increase of 3.83% over the past seven days. Major resistance and support levels are at $10.55 and $8.36, respectively.
Despite reaching significant highs, the momentum in the altcoin market has weakened, with many altcoins struggling to sustain positive price trends.
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